You are here

Bitcoin 'fraud' spurs HKMA warning over virtual currency

Wed, Feb 11, 2015 - 5:50 AM

Bitcoin advocates say it is revolutionary as it's not controlled by central banks, but the rise of virtual currency, which is unregulated in many countries, has stoked concerns it can be used to launder money and finance terror.

PHOTO: AFP

Hong Kong

HONG Kong's central bank has warned people against investing in virtual currencies amid local media reports that a bitcoin exchange may have run off with US$387 million in client funds - making it potentially the biggest bitcoin scandal after last year's bankruptcy at Tokyo-